Transfer of property

Q: I booked a flat few months back in my and my father’s name. We paid 15% of the amount as down payment to the builder at the time of booking. Now we want to take home loan to pay the remaining installments. My father will be retiring in couple of years so; we are facing difficulty in getting a joint home loan. Can we transfer the part ownership of my father to my wife?
How can we do this? What will be the cost?

anish, Chandigarh

7th January 2013

Legal in Bangalore

home loan

property transfer

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Replies (7)

I agree with Mr Gurmeet. If the owner of the property has died intestate then in that case a suit for obtaining succession certificate from a civil court is mandatory and thereafter the property in dispute is transferred in the respective names of all legal heirs.

Ravindra Singh,

22nd January 2013

Comment

If you want you can file a civil suit in the near by court to get declaration of your share of the property.

Diwakar Shetty,

22nd January 2013

Comment

If a person died without leaving any deed for his property, then his legal heirs get one share in the property. If a son also expired, his legal heirs will get one share, in your case son's daughter is eligible for the one share.

Gurmeet,

22nd January 2013

Comment

I have a query. How to transfer a property if the main owner expired and he has two sons one son also expired now how to transfer property from main owner to expired son's daughter because another son is not ready to come for procedure.... Please help..

Samrat,

22nd January 2013

Comment

The Transfer of Property Act contains specific provisions regarding what constitutes transfer and the conditions attached. As per the Act, 'transfer of property' means an act by which a living person conveys property to one or more other living persons, or to himself and one or more other living persons.

Jackie,

22nd January 2013

Comment